Spring is one of the busiest seasons for the housing market. With warmer weather comes more homes hitting the market, alongside increased competition, meaning that buyers and sellers alike must be prepared to navigate the market strategically.
Whether you’re looking to buy your first home, upgrade, or sell, understanding key market trends and taking the right steps to prepare yourself can be the edge you need to end up in your dream home this year.
For homebuyers – how to compete in a busy market
Spring typically sees a surge in home listings, but it also brings increased competition from other buyers with the same idea as you. Here’s how to best set yourself up for success:
Get pre-qualified for a mortgage
Sellers prioritize buyers who are financially prepared. A mortgage pre-qualification not only shows that you are serious, but also gives you a clear budget, empowering you to act quickly when you find the right home.
Be ready to act fast
The hottest houses on the market often receive multiple offers within days of listing. Keep your schedule open to tour homes quickly, and if you’ve come to a decision, be prepared to make prompt and competitive offers.
Know your must-haves vs. nice-to-haves
In a competitive market, it’s important to prioritize needs over wants. Identify non-negotiable aspects for you and your family, such as location, number of bedrooms, yard space, etc., while being open to compromise on features you deem less important to your overall satisfaction.
Work with a knowledgeable team
Having a good mortgage banker and real estate agent in your corner is a key aspect to navigating the stream of listings you’ll find. They can provide insights on market trends, help craft strong offers, and negotiate effectively on your behalf. Their expertise can be crucial in securing a home in a rapidly moving market.
Be prepared to expand your search as needed
If home prices are high in your preferred area, look at nearby neighborhoods that may offer better affordability while still offering the aspects you need in a home. This is where having a strong team by your side who knows the area well to advise you on similar markets will be key.
For homeowners – selling smart this spring
Spring is a prime time to sell, but as is the case on the buyer side, increased listings make it vital to stand out. Here’s how to attract buyers and maximize your home’s value:
Price it right
Pricing is a delicate issue – overpricing your home can turn buyers away, while underpricing could mean leaving money on the table. Spend time researching comparable home sales in your area or consult with a local real estate agent to help you set a competitive asking price.
Boost curb appeal
In a fast-moving market, first impressions matter. Simple upgrades like fresh landscaping, a new front door, or a fresh coat of paint can make your home more inviting and increase its appeal, helping you sell quicker and for more.
Make necessary repairs
Addressing minor repairs, such as leaky faucets, chipped paint, or outdated fixtures, can prevent buyer hesitation, while simultaneously strengthening your negotiating power.
Stage for success
Decluttering, deep cleaning, and staging your home with appealing furniture and décor can help buyers envision themselves living there, which will increase their likelihood of submitting an offer if they like your home.
Time your listing strategically
Homes listed sooner in the spring rather than later often sell faster, as buyers look to move before summer. Listing on a Thursday can also increase visibility heading into the weekend when buyers are actively searching.
Market trends to watch this season
While it is important to take care of the factors you can control as a buyer or seller, it’s also important to understand those factors that you cannot. These include:
Interest rates: mortgage rates can fluctuate, impacting affordability. Buyers should monitor rates and lock in favorable terms when possible.
Inventory levels: the number of homes available affects competition. If inventory is low, expect higher prices and quicker sales.
Home prices: rising home values may make it a good time to sell but could challenge buyers on a budget.
The spring housing market moves quickly, and preparation is key. Buyers should secure financing with a trusted mortgage banker, work with a knowledgeable real estate agent, and be emotionally prepared to act fast. On the other hand, sellers should focus on the curb appeal of their home, putting effort into the presentation, and set a competitive price to attract serious buyers. By understanding key market dynamics and planning in advance, both buyers and sellers can make the most of the season’s opportunities.
Make Minnwest Bank your mortgage lender of choice
Minnwest Bank is there to help you achieve your dreams. Our community banking approach is designed to make mortgage loans more streamlined for borrowers like you. Our helpful bankers take time to educate you and answer all your questions, so you can feel confident in the process.
You'll always work with the same lender from start to finish. Most servicing and processing stay in the same location. As a community bank, we offer flexible terms and customized loan packages at highly competitive rates.
Learn more about our mortgage offerings and reach out to a mortgage banker in your community today.